Posted 4 February, 2013 OBI NEWS
On behalf of Cornerstone Real Estate Advisers, OBI Property have acquired one of the UK’s prime manufacturing and technology parks from a joint venture between Harworth Estates and Strategic Sites.
Evolution, Advanced Manufacturing Park, Sheffield comprises 15 modern industrial units extending to 87,500 sq ft with an average lease length of over 5 years and is let to tenants including Rolls Royce, Xeros and Sandvik.
The property was acquired for £7,200,000, representing an initial yield of 9.5%.
Gary Scorah, Investment Partner at OBI Property said , “The quality of the units and the estate as a whole is of an extremely high standard yet represented excellent value. The tenant mix and the average unexpired term allowed for a strong investment purchase for Cornerstone yet with various asset management opportunities to further enhance and underpin the investment.”